Picking between two potential tenants

2 Replies

Hello, first timer across the board. I'm having a hard time picking between two applicants for my unit:

Applicant 1 - Is unemployed but has an income source, has good credit, and had a clean background check. Was first to apply but second to see the unit. Can move in immediately.

Applicant 2 - Is employed has a higher income source than Applicant 1, excellent credit, and clean background. Was first to see the unit but second to apply. Can't move in until Dec 26.

I've asked both to provide references, confirm yes or no to having a co-signer on their lease, asked if they would consider pre-paying any rent in advance (to be held in escrow and deducted each month), and asked if they will be getting renter insurance. Neither has replied about these considerations yet.

Any decision making advice, or other general advice, anyone might have is welcomed. Thank you in advance.

You probably ran both of them away with your absurd demands.

But for future reference, employed is always better because if they default and you have to go to court, you can eventually garnish their paycheck, provided you win a judgement. Can't garnish disability or SSI or drug money.

Do you want a renter now or are you willing to let it sit until Dec 26? Keep in mind Dec 26 may come and that person may change his mind along the way. It's ultimately up to you.

Neither. Set your criteria, and set your move in date. Neither one of these people meet both of those requirements. And, why would you require a co-signer on applicant 2, and require rent to be held in escrow? Does your mortgage company require you to pay the P&I months in advance? Also, renters insurance should be required of everybody. 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here